The best-paying jobs in specialty insurers include senior claims adjuster, product development manager, cyber underwriter, and senior product manager. They earn high salaries because they are responsible for insuring high-risk businesses. In addition, their duties require a high level of responsibility and accountability.
According to the Bureau of Labor Statistics, the sector employs about 2.8 million people in the United States. It has a compound annual growth rate (CAGR) of approximately 10.6% from 2022 to 2030. The industry will reach a market value of $160.74 billion by 2030 and create more employment opportunities in the next 10 years.
What Do Specialty Insurers Jobs Pay?
The average annual salary in the specialty insurers industry is $60,000. However, there are many positions with varying pay available in the sector. For instance, an experienced senior claims adjuster working for a large company can earn up to $300,000 annually. On the other hand, an entry-level claims adjuster trainee earns approximately $60,000 per year.
15 Highest Paying Specialty Insurers Jobs with Good Salaries
There are many high-paying job options available. These positions offer good salaries and growth potential. Individuals searching for jobs should check out these available jobs in specialty insurers.
The 15 best-paying specialty insurers jobs with good salaries include the following:
A senior claims adjuster evaluates and settles insurance claims related to specialty lines of insurance. They review the insurance policy to determine coverage, investigate the claim, and negotiate with claimants and other parties.
Senior claims adjusters earn a high salary due to their deep understanding of the specialty insurance market and ability to make complex judgments about claims.
To get this role, you must have strong analytical and critical thinking skills and excellent communication and negotiation skills. They must also know the specialty insurance market and industry regulations.
Employers require a bachelor’s degree in business, insurance, law, or other related fields. However, most companies prefer candidates with industry certifications, such as the Chartered Property Casualty Underwriter (CPCU) or the Associate in Claims (AIC).
The job outlook for senior claims adjusters in specialty insurers is positive, with 3% growth from 2020 to 2030. It will also create more jobs due to the demand for specialty insurance products.
2. Product Development Manager
Average Annual Salary: $280,000
A product development manager oversees the entire process of creating and launching new products for a company. This process involves research, design, development, testing, and marketing.
Product development managers earn high salaries because of their expertise in product development and ability to manage multiple priorities. Relevant skills for this role include project management, market research, communication, and organizational abilities.
It would be best if you had a bachelor’s degree in business management or a related field to get this role. However, some employers prefer individuals with advanced degrees.
The job outlook for product development managers will grow by 10% from 2020 to 2030. It will also produce about 52,700 openings yearly in the next 10 years.
3. Cyber Underwriter
Average Annual Salary: $270,000
A cyber underwriter assesses and manages cyber risks for clients. They measure the prospective dangers and ascertain the befitting coverage and premiums for cyber insurance policies.
Cyber underwriters earn high salaries due to the high demand for cyber insurance in today’s digital age. They possess knowledge of cyber risks and security, analytical and critical thinking skills, and strong communication and negotiation skills.
The educational qualification for this role is a bachelor’s degree in a relevant field like computer science, cybersecurity, or risk management. The job outlook for this role will grow by 4% from 2021 to 2031. It will also create about 8,400 openings each year.
4. Senior Product Manager
Average Annual Salary: $260,000
A senior product manager develops and manages insurance products that meet the needs of customers and the company. Senior product managers earn high salaries due to their role in driving revenue growth and profitability for the company.
To get this role, you need strong analytical, excellent communication, and leadership skills with a deep understanding of the insurance industry. Many employers require a bachelor’s degree in business, finance, or a related field. However, some employers prefer candidates with a master’s degree.
The job outlook for senior product managers is positive, with a growth rate of 8% from 2018 to 2028. In addition, it will produce many jobs in the future.
5. Underwriting Director
Average Annual Salary: $250,000
An underwriting director manages the process, ensures employees follow the company’s policies and procedures, and decides whether to accept or reject insurance applications. Underwriting directors earn high salaries due to the level of responsibility and decision-making the role requires.
Essential skills for this role include decision-making, critical thinking, project management, organization, and time management. The educational requirement for this role is a bachelor’s degree, although additional training and certification are necessary for senior positions.
The job outlook for insurance underwriters will decline by 4% from 2021 to 2031. However, it will still create around 8,400 job openings every year.
6. Marine Hull Underwriter
Average Annual Salary: $240,000
A marine hull underwriter assesses and underwriting risks associated with marine hull and machinery insurance policies. They evaluate the risks associated with insuring vessels and determine the appropriate premiums to charge based on the level of risk.
Marine hull underwriters earn a high salary due to their exceptional knowledge of assessing and underwriting high-value policies.
You need analytical thinking, attention to detail, communication, and negotiation skills to get this role. To get this position, you must possess a bachelor’s degree in marine engineering, naval architecture, or business administration.
The job outlook for this role will grow by 4% from 2021 to 2031. Also, it will create 8,000 job openings yearly due to the need to replace workers.
An actuary analyzes data and assesses risk to help the company make informed decisions about pricing and coverage. Actuaries earn high salaries due to the high demand for their services. They possess strong analytical and problem-solving abilities, proficiency in mathematics and statistics, and excellent communication skills.
Becoming an actuary requires a bachelor’s degree in mathematics, statistics, or a related field. However, some companies require certifications from a professional organization like the Society of Actuaries.
The job outlook for actuaries is positive, with a 21% growth rate from 2020 to 2030. Due to the high demand for risk assessment and management, it will produce many jobs in the future.
8. Catastrophe Modeler
Average Annual Salary: $230,000
A catastrophe modeler assesses the potential risks and losses associated with natural disasters and other catastrophic events. They use statistical models and data analysis to estimate their financial impact on companies.
Catastrophe modelers earn high salaries because of the financial impact of their work. You need data analysis, statistical modeling, and risk assessment abilities to get this role.
Employers require a bachelor’s degree in a relevant field, such as mathematics, statistics, or actuarial science. The job outlook for catastrophe modelers is positive, with a 21% growth rate from 2020 to 2030.
9. Risk Manager
Average Annual Salary: $230,000
A risk manager identifies, assesses, and manages risks impacting the company’s financial performance. Risk managers earn high salaries because they protect the company’s assets and reputation.
To get this role, you need an understanding of policies and best practices in risk management, communication skills, business understanding, negotiation, and diplomacy.
A bachelor’s degree is the minimum educational qualification for this role. However, many companies prefer individuals with Certified Risk Manager (CRM) or Chartered Property Casualty Underwriter (CPCU) certificates.
The job outlook for risk managers will grow by 6% from 2021 to 2031 and will produce about 52,700 openings every year.
A senior claims examiner reviews and processes insurance claims to ensure they are valid and accurate. They also investigate claims, negotiate settlements, and communicate with policyholders and other parties in the same context.
Senior claims examiners earn high salaries due to the complexity of their work. Relevant skills for this role include attention to detail, analytical thinking, communication, problem-solving, and negotiation skills.
Companies require a bachelor’s degree in a relevant field, such as business, finance, or insurance. The job outlook for claims examiners will decline by 6% from 2021 to 2031. However, it will still create about 23,200 job openings every year.
11. Senior Risk Engineer
Average Annual Salary: $200,000
A senior risk engineer assesses and manages risks associated with the company’s operations and clients. They also provide recommendations to senior management on risk management policies and procedures.
Senior risk engineers earn high salaries due to their impact on the company’s financial performance. Relevant skills for this role are analytical skills, communication skills, and knowledge of risk management principles.
You need a bachelor’s degree in engineering, risk management, or a related field to get this role. The job outlook for senior risk engineers is positive, with a 21% growth rate from 2020 to 2030. It will produce many employment opportunities in the next 10 years.
12. Senior Underwriter
Average Annual Salary: $200,000
A senior underwriter evaluates insurance applications and determines if the company should approve or decline them. Senior underwriters earn high salaries because they manage risk while growing or retaining membership.
This role requires strong critical thinking, excellent verbal and written communication, and data entry skills. Individuals vying for this position must also be able to identify and analyze available information proactively. Employers require a bachelor’s degree in any related field.
The job outlook for senior underwriters is positive, with a growth rate of 3% from 2020 to 2030. It will produce around 5,000 new jobs in the future.
13. Senior Actuarial Analyst
Average Annual Salary: $200,000
A senior actuarial analyst maintains complex cost models, prepares regulatory reports, and assists in actuarial model onboarding. Senior actuarial analysts earn high salaries due to their high level of expertise and responsibility for their job.
This role requires strong technical and excellent communication skills, analytical thinking, problem-solving skills, and attention to detail. The minimum educational qualification for this role is a bachelor’s degree in mathematics, statistics, or a related field. However, some employers prefer candidates with a professional actuarial certification.
The job outlook for actuarial analysts is positive, with a growth rate of 18% from 2020 to 2030. It will produce around 4,000 new jobs in the next few years.
14. Senior Catastrophe Risk and Exposure Analyst
Average Annual Salary: $200,000
A senior catastrophe risk and exposure analyst performs high-tech disaster risk analyses for numerous commercial product lines. Senior catastrophe risk and exposure analysts earn high salaries due to the complexity and importance of their work.
This position requires analytical and modeling skills, knowledge of catastrophe risk management, and proficiency in relevant software tools. You need a bachelor’s degree in a relevant field, such as mathematics, statistics, or actuarial science, to get this role.
The job outlook for this role is positive, with a growth rate of 5% from 2020 to 2030. It will also create many jobs in the future.
A risk control consultant identifies, assesses, and mitigates risks that can lead to financial loss or damage to the company’s reputation. They develop risk management strategies and provide recommendations to improve safety and reduce risk.
Risk control consultants earn high salaries due to the potential financial impact of their work. They also possess risk management abilities, analytical thinking, technology and business process modeling knowledge, and physical stamina.
Employers require a bachelor’s degree in risk management, insurance, engineering, or a related field. The job outlook for risk control consultants is positive, with a growth rate of 11% from 2020 to 2030. It will also create more jobs in the future.
5 Highest Paying Entry-Level Specialty Insurers Jobs with Good Salaries
Numerous entry-level jobs pay well and provide opportunities for growth and advancement in the specialty insurers industry.
A product analyst analyzes product data to make product recommendations and develop and implement strategic initiatives for specialty lines.
Product analysts earn high salaries because they improve products by analyzing metrics. Relevant skills for this role include analytical skills, attention to detail, critical thinking, and the ability to work under pressure.
You need a bachelor’s degree in marketing, business administration, or a related field to get this role. The job outlook for product analysts is positive, with a 6% growth rate from 2021 to 2031. It will also produce many jobs in the future.
2. Risk Management Associate
Average Annual Salary: $80,000
A risk management associate identifies, assesses, and mitigates risks that can negatively impact the company’s operations and financial performance.
Risk management associates earn high salaries to protect the company from potential losses. This role requires analytical thinking, problem-solving, communication, and attention to detail.
Employers require a bachelor’s degree in a relevant field, such as finance, accounting, or risk management, for this position. The job outlook for risk management professionals is positive, with a growth rate of 10% from 2020 to 2030. It will lead to the creation of 18,200 new jobs in the future.
3. Actuarial Analyst
Average Annual Salary: $80,000
An actuarial analyst uses statistics, probability, and economic concepts to help the company manage its financial risks and potential rewards.
Actuarial analysts earn high salaries due to their skills, knowledge, and increased service demand. They have strong mathematical and analytical abilities and an understanding of business and finance.
The educational requirement for this role is an undergraduate degree in mathematics, business, actuarial science, or another analytical field.
The job outlook for this position is positive, with a job growth rate of 18% from 2020 to 2030. It will also produce around 6,000 new jobs yearly for the next 10 years.
4. Underwriter Trainee
Average Annual Salary: $70,000
An underwriter trainee evaluates insurance applications and determines whether to approve or deny coverage. They work under supervision to analyze risk factors and calculate premiums.
Underwriter trainees earn high salaries because they have special knowledge and skills. They possess decision-making, critical thinking, project management, organization, time management, and prioritization abilities.
The educational qualification for an underwriter trainee is a bachelor’s degree in business, economics, finance, or a related field.
The job outlook for this role will decline by 4% from 2021 to 2031. Nonetheless, it will still produce around 8,400 job openings every year for the next 10 years.
A claims adjuster trainee investigates insurance claims, determines the extent of the insurance company’s liability, and negotiates settlements with claimants.
Claims adjuster trainees earn high salaries due to their expertise on the job. To get this role, you must possess analytical, communication, and interpersonal skills.
The educational qualification for this role is a high school diploma. However, many employers prefer candidates with a bachelor’s degree or previous work experience in a related field.
The job outlook for this role will decline by 6% from 2021 to 2031. Even so, it will produce approximately 23,200 job openings every year over the next 10 years.
How to Apply and Get a High Paying Job in Specialty Insurers?
The specialty insurers industry provides numerous best-paying roles for individuals with the right skills and experience. However, to get a job, there are several steps that you can take to improve your chances of success.
5 practical steps to apply and get a high-paying job in specialty insurers:
1. Research the company
Take the time to research the companies in the sector before applying for a job. Learn about the company’s history, values, products, and services. Familiarize yourself with the company culture. In addition, assess whether it aligns with your personal and professional goals.
2. Update your resume
Highlight your relevant skills, experience, and achievements in your resume. Ensure it fits the job requirements and is error-free and visually appealing.
3. Develop your skills
Specialty insurers companies value individuals who have a robust skill set. Research the skills your job requires. Take online courses or workshops to gain new knowledge and stay current with industry trends. Also, develop high-demand skills like data analytics, communication, and leadership.
4. Network
Attend industry events and connect with specialty insurers’ employees on social media. You can also contact recruiters or hiring managers to express your interest in the company.
5. Apply for the proper position
When you identify the job that matches your skills, experience, and interests, tailor your application accordingly. Send in your application, prepare for interviews, and also follow up.
Where to Find the Best Paying Jobs in Specialty Insurers?
Finding the best-paying jobs in the specialty insurers industry is a difficult task. However, many job boards cater to this sector and offer a wealth of opportunities for individuals.
5 best job boards to find the best-paying jobs in specialty insurers:
1. InsuranceJobs.com
This job board focuses on the insurance industry and offers a wide range of job opportunities at specialty insurers. You can search for jobs by location, type, and salary range.
InsuranceWorks is another job board that shares information about vacancies in the insurance industry. It offers numerous job opportunities in underwriting, claims, sales, and other areas of the industry.
3. GreatInsuranceJobs.com
This job listing site provides employment opportunities across various sectors, including specialty insurers. It also includes career help like CV/resume building.
4. Insurance Journal Jobs
Insurance Journal is a leading publication in the insurance industry with a page for job offers in specialty insurers. Job seekers can search using their locations, titles, and salary range.
5. National Association of Professional Surplus Lines Offices (NAPSLO) Career Center
NAPSLO is a professional organization for the specialty insurance industry. It also has a career center that offers job opportunities in underwriting, claims, and other areas of specialty insurers.
What are the Skills Required to Get a High Paying Job in Specialty Insurers?
The specialty insurers industry provides diverse opportunities for high-paying jobs. However, to excel in this industry and secure the best-paying jobs, it’s essential to have a range of top-level skills.
5 top-level skills needed to get the best-paying jobs in specialty insurers:
1. Technical skills
You need strong technical skills to land the best-paying jobs. You must be proficient in using Microsoft Excel, data visualization, and statistical analysis software. Also, be willing to learn new technologies and stay up-to-date with industry trends.
2. Strong analytical skills
Many employers in specialty insurers want individuals who can analyze complex data and make informed decisions. You must understand and interpret data, use statistical tools and techniques, and make accurate predictions about risk.
3. Excellent communication skills
Communication is highly essential in the insurance industry. You must communicate effectively with colleagues, clients, and other stakeholders. In addition, you need to be able to explain complex concepts in simple terms, listen actively, and build strong relationships.
4. Industry knowledge
You should have a solid understanding of the industry and its unique challenges. Keep up-to-date with industry trends and regulations. It will make you valuable to employers.
5. Collaboration skills
Specialty insurers workers work with various teams and stakeholders, and collaboration is relevant. Learn how to work effectively in a group, communicate with colleagues, and build strong relationships across different departments.
Top 10 Companies with the Highest-Paying Jobs in Specialty Insurers
For those seeking high-paying jobs in this industry, there are many companies that stand out as leaders in salaries and benefits.
Here is a list of the top 10 companies that pay the best salaries in specialty insurers:
Zurich
Allianz
Chubb
AIG
Fairfax
Aon
Munich Re
Tokio Marine
Liberty Mutual
Travelers
Table showing top 10 companies with their highest paying roles and salaries in the specialty insurers:
Name of Company
Size
Highest Paying Roles
Salary
Zurich
55,000
Senior Claims Adjuster
$300,000
Allianz
150,000
Product Development Manager
$280,000
Chubb
33,000
Underwriting Director
$250,000
AIG
45,000
Actuary
$230,000
Fairfax
40,000
Catastrophe Modeler
$230,000
Aon
50,000
Risk Manager
$230,000
Munich Re
41,000
Senior Claims Examiner
$220,000
Tokio Marine
40,000
Senior Risk Engineer
$200,000
Liberty Mutual
45,000
Senior Underwriter
$200,000
Travelers
30,000
Risk Control Consultant
$180,000
Which specialty insurers company pays the highest salary?
Zurich pays the highest salary in the specialty insurers industry.
What are the Factors Determining an Employee’s Salary in the Specialty Insurers Industry?
The specialty insurers industry offers many high-paying job opportunities for those with the right skills and experience. However, several factors determine an employee’s salary in this industry.
5 significant factors determining an employee’s salary in the specialty insurers industry:
1. Job title
Different job titles come with varying ranges of salary. For instance, a chief claims adjuster or product development manager will earn more than an underwriter trainee or an actuarial analyst.
2. Level of experience
Employees with more experience typically earn higher salaries than those with less experience. The knowledge required for higher wages depends on the specific job title.
3. Education and certifications
A relevant degree or professional certification in the specialty insurers industry increases an employee’s salary. For example, earning a Chartered Property and Casualty Underwriter (CPCU) or Associate in Risk Management (ARM) designation boosts an employee’s earning potential.
4. Geographic Location
The cost of living and the local job market in different geographic locations also affects an employee’s salary. For example, New York City or San Francisco employees earn higher wages due to the high cost of living in those areas.
5. Specific Company
Different specialty insurers companies have different compensation structures and salary ranges. Some companies pay their employees higher salaries than others, depending on their financial performance, size, and strategic focus.
Conclusion: Best Paying Jobs in Specialty Insurers
The specialty insurers industry offers many opportunities for those with the right skills and experience. The best-paying roles require a range of top-level skills. In addition, many factors play a role in determining an employee’s salary in the sector. Understanding these factors and focusing on developing the necessary skills will help individuals secure the best-paying jobs and advance in this dynamic and rapidly growing industry.
Frequently Asked Questions: Best Paying Jobs in Specialty Insurers
What is the highest paying job in specialty insurers?
Senior claims adjuster is the highest-paying job in specialty insurers.
Average Annual Salary: $220,000
Average Annual Salary: $180,000
Average Annual Salary: $85,000
